Advantages And Disadvantages Of Idea Generation

Idea Generation

Idea Generation is the creative process or producer that a company use in order to figure out solutions to any number of difficult challengers. It involves the management to come up with many solutions such as new ideas in-group discussions, selecting the best idea, working to create a plan to implement the idea and then to actually taking the steps to putting in to practice. These new ideas can be tangible as well as intangible (something symbolic or cultural)

As the first strategy the “Soundatoz” should brainstorm their options in the areas of product development. The “Soundatoz” should analyze and evaluate the advantages and disadvantages of adopting the new product. Sine the company is already recognized to be selling

The “Soundatoz” should list all the ideas that have been gathered and decide which once has to be purse and which has to be rejected. The “Soundatoz” must take into consideration the related competition, the existing products and most importantly what the market is demanding from the company. The company should develop certain criteria in order to evaluate the ideas listed. Company should take in to consideration such criteria like, the need of the customer- in our case the low cost product, the benefits for the target market an also as the growth and the market penetration.

Concept Development and

A business analysis will help the “Soundatoz” to determine the costs involved in the new product development and thereby help you forecast the profits and the performance of the product in the coming years. Therefore, the company should conduct a business analysis to validate the product in the market. This could be done by estimating prices, forecasting the future numbers (sales and revenue) and considering the market penetration.

Product Development

Product development is the process of designing, creating and marketing new products or services to benefit customers. Once the company has passed and decides which areas of the product should be developed or adopted then it would be the time that the company should start implementing the product like,

• By using cheaper ingredients and by baring up a loss we can reduce the price of the product.

• “Soundatoz” have explored a company of same category called “Nathalata”. “Soundatoz” can purchase that company and mix their technology with “Nathalata’s” technology and make a new cheaper product. Since the “Nathalata” products are almost cheap, it won’t be harder to make a low cost product.

• “Soundatoz” can make their product durable, and give an attractive warranty.

• “Soundatoz” can add inbuilt disco light system to their sound